The Government of India has sent a demand notice of $2.81 billion i.e. Rs 24,522 crore to Reliance Industries. The company has received this notice from the Ministry of Petroleum and Natural Gas.
This notice was issued to the company after the decision of the Delhi High Court. This matter is related to the ONGC block (KG-D6). Under which Reliance is accused of migrating gas from the ONGC block.
This matter reached the International Court, after which the International Arbitrator gave a verdict of $1.55 billion i.e. Rs 13,528 crore in favor of Reliance Led Consortium in the year 2018.
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In May 2023, a single judge bench had given a verdict in favour of Reliance
This decision was challenged in the Delhi High Court by the Government of India. In May 2023, a single judge bench had given a verdict in favor of Reliance. It was again challenged by the government before the Division Bench.
Now the division bench of Delhi High Court has overturned this ruling of the single judge. After which this fresh demand notice has been sent to Reliance Industries by the Government of India.
Reliance Industries share fell 0.41% today
Reliance Industries share is trading at Rs 1,166 today on Tuesday (March 4) with a fall of 0.41%. The company’s stock has fallen 3.05% in the last 5 days and 9.26% in a month. At the same time, it has fallen by 23.00% in the last 6 months and 22.64% in a year.
Reliance earns ₹ 18,540 crore profit in the third quarter
Reliance Industries released the results for the third quarter of FY 2024-25 on 16 January. In the third quarter, the company has made a profit of Rs 18,540 crore. It has increased by 7.38% on an annual basis. The consolidated net profit of the company was Rs 17,265 crore in the same quarter a year ago.
At the same time, the operational revenue of the company in the October-December quarter was Rs 2.44 lakh crore. In the same quarter a year ago, the company had generated a revenue of Rs 2.28 lakh crore. It has increased by 7% on an annual basis. The amount received from selling goods and services is called revenue.
Reliance is India’s largest private sector company
Reliance is India’s largest private sector company. It currently operates in hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewable energy, digital services and retail sectors.
